External Affairs Minister S. Jaishankar highlighted India’s growing potential as a reliable partner for Mediterranean economies during his address at the CII India-Mediterranean Business Conclave 2024. He stressed the importance of enhancing India’s engagement in the region, noting that the country’s relationship with Mediterranean nations has strengthened in recent years.

“Trade between India and the Mediterranean countries reached USD 77.89 billion last year,” Jaishankar said. He further added that the announcement of the India-Middle East Europe Economic Corridor (IMEC) during the G20 Summit in New Delhi had opened up new opportunities for collaboration.

Jaishankar also discussed India’s progress in renewable energy, citing the “One Sun, One World, One Grid” initiative, which aims to create a transregional grid to facilitate the transfer of renewable energy across borders.

India’s rapid infrastructure growth was also a key point in Jaishankar’s speech. He shared, “India has been building one and a half to two new metros every year and constructing seven new airports annually for the past decade. This positions us as a valuable partner for Mediterranean economies.”

On India’s global economic standing, Jaishankar remarked that India is now the world’s fifth-largest economy, with the potential to become the third-largest by the end of the decade. He also emphasized the role of initiatives like Make in India and Atmanirbhar Bharat in attracting investors and boosting the country’s growth.

Looking ahead, Jaishankar highlighted the potential of a digital corridor between India and the Mediterranean, which could facilitate the fast and secure exchange of information, data, and digital transactions, further complementing traditional trade routes.

“The ongoing conflict in West Asia understandably has generated concerns about some of these contemporary initiatives, disruptions and crucial shipping routes that have increased ship costs,” Jaishankar said.

(ANI)